Kennametal to close plants in Pennsylvania, Germany

|About: Kennametal Inc. (KMT)|By:, SA News Editor

Kennametal (NYSE:KMT) unveils a restructuring plan that will include closing a manufacturing plant in Irwin, Pa., and three other facilities in Germany over the next two years; the number of jobs affected is not disclosed.

KMT plans to record $60M-$75M in charges through FY 2020 and 2021 related to the restructuring, which it expects will deliver annualized savings of $35M-$40M.

KMT says its actions are part of its previously announced goal of reducing plants through simplification and modernization, with additional plants currently under evaluation.

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